Medtech to Transform India’s Healthcare Sector

Announcement

Amit Agarwal, the secretary of the Department of Pharmaceuticals, served to highlight India’s potential in precision and personalized medicines, excelling in a transition and leading the country to shape it into an innovative country. Following this, he continues to introduce brilliant initiatives further with the summit spotlighted and elevated with the thoughtful theme ‘innovating for a healthier future-advancing medtech for global impact: Make in India, make for the world’, which is embarking towards an advancement in the medtech to make a difference and accept new change with the advancing era to accelerate global impact.

Shri Amit Agarwal mentioned that the medtech sector should concentrate on producing quality, cost-effective devices for India's domestic market and global markets, while also focusing on patient well-being. He also emphasized the importance of the pandemic period and how India became a successful center for the domestic production of advanced medical equipment, including CT scans, MRI machines, ventilators, stents, implant devices, dialysis machines, and mammography units.

By far, he is grateful for the government's support measures, which include three medical devices predicted to be operationally effective next year, along with consistently upgraded infrastructure and the production-linked incentive (PLI) scheme for medical devices. He expects to bring new ideas from the laboratory setting to the market round and bolster India’s global competitiveness.

Initiative to Improve the Domestic Medtech Research and Innovation Ecosystem

By extending the medical device park facilities and focused policy initiatives, such as the marginal investment scheme and the PLI scheme for backward integration. Additionally, the new launch of a ₹ 5,000 crore promotion of research and innovation in the pharma medtech sector (PRIP) scheme will soon lead to improvements in the Indian medtech sector’s competitiveness, efficiency, and effectiveness in production by deepening the domestic value chain and building a robust innovation ecosystem, Agarwal claimed.

He further added, “These schemes and initiatives will help India encounter its own needs by enabling affordable healthcare solutions in developing and developed nations. The global market is now attracted to India’s healthcare market and considers India a leader in healthcare innovation. We should have faith in our own ability and deepen the industry-government partnership to meet the full potential of the medtech sector. The trade agreements and economic reforms will support the healthcare sector to bring millions of jobs on board and extend the reach to high-quality healthcare, and transform the sector.”